What time of year is best to convert Canadian currency to Australian currency?
I’m travelling to Australia in early January and I’m wondering if there is any time of year that is best to convert my Canadian money to Australian money, or will any time be fine.
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There is usually no proper time to convert it. It really depends on the day so it is random. However, at the moment, the Australian Dollar has been gaining more than the Canadian Dollar of the last two weeks.
http://www.rttnews.com/Content/CanadianNews.aspx?Node=B1&Id=1105848
You could try waiting closer until January. Forecasts have said the Canadian dollar should recover higher. But a more sure way to get the best rate is to withdrawal your money at an ATM in Australia. The rate is better and usually has less fees. As well if you bank at Scotiabank, your debit card works for free at Westpac Bank ATMs (A large bank in Australia) http://scotiabank.com/cda/content/0,1608,CID8040_LIDen,00.html
I wouldn’t worry about the timing too much of buying currency. There really isn’t a good time. If you can, withdrawal it from your bank account once your in Australia. And if you are going to purchase it before hand, do it before the Christmas rush. It may take some time